ALGIERS, The Algerian Chamber of Commerce and Industry (CACI) and the Confederation of Indian Industry (CII) have signed a memorandum of understanding (MoU) to boost the economic partnership between both countries.

The MoU will help develop co-operation and partnerships in many strategic areas, said CACI Representative Maamar Djellal Seraudi during the signing of the MoU held on the sidelines of a business meeting between the two sides here Sunday.

Seraudi mentioned agriculture, pharmaceuticals, information communication technology (ICT) and aeronautics as possible areas of co-operation. Trade between Algeria and India is relatively with total trade of only 1.8 billion US dollars in 2017, with India recording a surplus, he added.

He said the meeting was an opportunity to find ways to boost exchanges and raise them to the level of both sides’ expectations. We discussed possible export operations of agricultural products to India, he added.

During the meeting, Djellal highlighted the business environment in Algeria and investment opportunities available, stressing the stable security situation in the country and its geographical location which opens the doors of the African and European markets to investors.

The Director-General for Investment Promotion at the Ministry of Industry and Mines, Nacer Mohellbi, briefed the Indian delegation of the significant investment opportunities Algeria offers and of partnership projects between Algerian and Indian companies in the areas of pharmaceuticals, iron and cement.

The Deputy-Chairman of the Algerian Business Leaders Forum (FCE), Mehdi Bendimerad, said there is strong complementarity between both economies, hence the need for further partnerships in the fields of renewable energy, in which India is a pioneer, as well as agriculture which is at the heart of the strategy to diversify the Algerian economy and a promising co-operation area.

The CII Chairman, M.S. Swaminathan, briefed the meeting on his country’s experience in economic reforms.

“These reforms have allowed India to position itself among the world’s leading economies,” he added.

The CCI has 9,000 members from the public and private sectors working in the fields of technology, finance, hydrocarbons, steel and pharmaceuticals.

Source: Nam News Network

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